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Erin Ventures Closes First Tranche of Its Private Placement
VICTORIA, BC / ACCESSWIRE / October 2, 2020 / Erin Ventures Inc. (" Erin " or the " Company ...
About this update from Boron One Holdings Inc
[{"type":"text","content":"Erin Ventures Closes First Tranche of Its Private PlacementVICTORIA, BC / ACCESSWIRE / October 2, 2020 / Erin Ventures Inc. (\"Erin\" or the \"Company\") (TSXV:EV) announces today that pursuant to a previously announced private placement on September 30, 2020 for Units priced at $0.04 per Unit for gross proceeds of up to $200,000.00 (the \"Offering\") the Company has raised $78,000 by closing the first tranche of the Offering.Pursuant to the terms of the Offering, Erin issued 1,950,000 Units in this first tranche. Each Unit consists of one (1) common share in the capital of the Company and one (1) common share purchase warrant (a \"Warrant\"). Each Warrant will have a two (2) year term (the \"Exercise Period\") and will be exercisable into one (1) common share at a price of $0.05.Based on the TSX Venture Exchange's (\"TSXV\") conditional approval, proceeds of up to $122,000 of this Offering remains available to existing security holders of Erin (\"Shareholders\") in accordance with the provisions of the existing shareholder exemption (the \"Existing Shareholder Exemption\") pursuant to BC Instrument 45-534 (the Existing Shareholder Exemption is not available in Ontario or Newfoundland and Labrador). In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, Units will be offered to accredited investors, close personal friends and business associates of directors and officers of the Company, and certain investors who have been advised on the suitability of their investment by registered investment dealers (the \"Registered Advisor Exemption\").The Company intends to use 55% of the net proceeds from the Offering, whether fully subscribed or not, to fund further development of its wholly owned Piskanja boron project in Serbia and 45% of the net proceeds from the Offering for general working capital purposes (consisting of payroll 28%, suppliers 11% and contractors 61%).The Company has set September 29, 2020 as the record date for the purpose of determining Shareholders entitled to purchase Units relying on the Existing Shareholder Exemption. The aggregate acquisition cost to a subscriber relying on the Existing Shareholder Exemption cannot exceed $15,000 in a 12-month period unless the subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment.Unless th...